FICO holds price for commitments as Pulte plans more action
FICO announced it will maintain its mortgage industry price for credit scores through tri-merge resellers at $10 for members of its Preferred Program.
Credit scores
UWM scraps credit score minimums amid KBW downgrade
Fannie, Freddie and Ginnie loan eligibility now rests on AUS findings, with scores kept for pricing. KBW cut UWM's price target to $1.50 as it launches a $400M rights offering.
BofA: Add GSE scores to models to predict delinquencies
The release of Fannie Mae and Freddie Mac's internal metrics support this process, but other measures will still be needed, according to Bank of America.
Pulte: ‘cartel-like’ bureaus should cut costs, eyes bi-merge
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
S&P says VantageScore 4.0 could work for MBS ratings
Standard & Poor's found modeled foreclosure frequency and loss coverage to be in similar ranges as classic FICO but showed concern about potential bias.
Senator calls for FTC investigation into FICO score pricing
Republican Sen. Josh Hawley repeated his long-standing criticism of Fair Isaac Corp. in a letter noting the detrimental impact of its prices on home buyers.
CFPB warns consumers about filing credit bureau disputes
Bowing to industry pressure, the Consumer Financial Protection Bureau is warning consumers with notices on its complaint portal not to file disputes about inaccurate information on credit reports, among other changes.
FICO upgrades its cash-flow-powered score with real-time data
The credit score firm partnered with Plaid to bring additional cash-flow data into its previously released UltraFICO score.
Equifax slashes VantageScore price to undercut FICO
Equifax will hold costs for scores from FICO rival Vantagescore through 2027 and offer other incentives meant to drive adoption of the alternative metric.
FICO to directly license credit scores to mortgage resellers
Through a new program, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus.
FICO’s new pricing program met with cautious optimism
The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.
Pulte plans ‘full scale review’ of credit bureaus
Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
FICO adds BNPL data to credit-scoring models
Although credit bureaus have collected this data for three years, it's only now being factored into assessments of consumer creditworthiness.
CFPB’s Chopra: AI can be the key to fairer credit scoring
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
New York lawmakers urge NY Home Loan bank to adopt fairer credit models
Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.
Rent-payment reporting brings in 15K mortgage borrowers, provider says
The partnership between personal finance platform Esusu and the National Rental Home Council has several of the trade group's members delivering payment data. They say that has helped result in over 85,000 originations across lending segments.
FHFA extends credit modernization timeline
The changes made to the schedule of bringing advanced credit metrics to major mortgage investors Fannie Mae and Freddie Mac affect bi-merged reports and Vantagescore 4.0's implementation.
Will two newer credit scores beat a single older one for mortgages?
Industry executives coming off a tough year are wondering what the transition will cost and how many borrowers it'll bring in.
Credit scores similar whether from two or three bureaus S&P finds
The findings from Standard & Poor's show little impact from the Federal Housing Finance Agency's proposal regarding what information is required to underwrite a conforming mortgage.
Equifax’s credit scoring snafu ensnares lenders
Fannie Mae and Freddie Mac asked originators to resubmit applications that contained errors and adjust sold mortgage information due to incorrect life-of-loan representations and warranties.
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